The US Securities and Exchange Commission (SEC) has charged 3 individuals and 5 companies with running a "pig butchering" scam. This is a trust-based investment scheme where fraudsters befriend victims through text-based social media apps, gain their trust, and convince them to invest large sums of money on fake cryptocurrency platforms. They then steal the funds and disappear. This enforcement action marks the SEC's first action against this type of cryptocurrency scam.